The main motivation behind a move to the UAE, for the majority, is the opportunity to save money. Salaries are higher here compared to many other parts of the world due to the fact they're tax-free, allowing residents to put aside a great proportion of their income into a savings account every month.

Local banks are offering more competitive rates on savings accounts, anything from 0.5 per cent all the way up to four per cent, in an aim to entice residents into keeping their money here. As a reflection, at compareit4me, we have even noticed an increase in the amount of searches being done for UAE savings accounts. However, despite these more attractive rates, most of us are still choosing to send our money back to our home country.

But, with so many banks, exchange houses and online brokerages to choose from, it can be quite confusing for the remitter to decide which option is best for them. While all require a transfer fee of some kind, some are greater than others. It is, therefore, very important to invest time in research so the consumer doesn't get stung with a very nasty fee.

The fees work in one of two ways; they are either taken as commission which is factored into the exchange rate or taken as a standalone fee. Either way, they are added to cover a number of costs.

For example, even if money is sent through an exchange house, it needs to be sent by them to a bank in the country it is going to, with whom they have a relationship with. If there is no existing relationship, the money can't be sent - another thing to be considered by the remitter. The exchange house, or bank, who are sending the sum of money need to not only cover the business costs incurred in the transfer process, but naturally also make a profit. That's where the fee comes in. Customers can elect to pay the full fee upfront, have the beneficiary pay, or split it between the two parties.

Due to the fees involved, it very important, as it is when selecting any financial product, to compare all of the services available before deciding which option to choose. It's also beneficial to confirm with the exchange house that the rate agreed upon is the rate that will be used for the transaction. Unfortunately, some indicate one rate on their website and another when the transfer process actually happens. Checking the receipt once the transfer is processed is also advisable to ensure there have been no secret add-ons.

For anyone sending regular transfers, for example, monthly remittances for a mortgage or a loan outside of the UAE, it is worth considering a forward contract. With most online brokerages, you're able to agree on an exchange rate in advance and it's clear and set what it will be the day the transfer happens. A locked exchange rate is highly beneficial and lowers dramatically the risk of any transfer being effected by any currency fluctuations - which happen regularly.

Once the best option for getting money home has been found, getting it there is pretty simple. Any bank will already have the consumer's details saved, all that will be required is the details of the bank the money is going to - including IBAN number, Swift code, bank address and contact number. These are all found on a bank statement or can be obtained by making a quick call to the bank.

The majority of exchange houses will only ask to see an ID or passport, although online brokerages tend to ask for further documents, including copies of a tenancy agreement, utility bills and proof of UAE residency. While these may seem a bit of a hassle, they are requested for good reason; to help lower the risks of money laundering and other crimes.

Often, online transfers are cheaper than doing it via a branch, for example, sending from HSBC online is Dh50 compared to the Dh100 charged for doing it in a branch. Meanwhile, other companies, including fcexchange, offer free transfers on amounts over $7,500 and $15 for amounts less. A considerable difference compared to some of the banks who charge up to Dh250.

It's worth mentioning again how vital it is for anyone wishing to send money to their home country to compare all options to ensure the best deal is obtained, and to sign up for any newsletters and bulletins, so they are up to date with any lower rate deals and offers.